5 Billion Euro to help italian companies deal with the Covid-19 emergency
Package of immediately-available extraordinary measures to support companies during their operational standstill and facilitate the resumption of their activities later on
This initiative is in addition to the other measures already put in place by the bank to support families and businesses across the country
Siena, 18 March 2020 – Providing practical support to help cope with the Covid-19 emergency during the current operational shutdown and facilitate the resumption of business operations in the future. This is the goal of Banca Monte dei Paschi di Siena, which is offering Italian companies – from micro businesses to small and medium enterprises to large corporates – up to Euro 5 billion, immediately available through a package of extraordinary measures.
The package provides a highly customisable solution based on the actual financial needs of companies and, thanks to targeted advice, makes it possible to identify which measures to implement in order to cope with the current operational standby and lay the basis for the future resumption of business operations.
THREE DIFFERENT MEASURES IMMEDIATELY ON OFFER TO COMPANIES – The package includes, either as an alternative or in addition to what is provided for by law, three different special measures: the suspension of repayments or extension of loans by up to a maximum of 12 months as established in the agreement signed with the Italian Banking Association and the deferral of maturities on advances by up to a maximum of 12 months from the start of the loan.
In addition to the moratorium, therefore, BMPS is also offering a solution that makes it possible to postpone payments while keeping liquidity intact in order to deal with other needs for performing companies operating with commercial, trade, import/export advances, which at this time have a reduced repayment capacity.
The third measure, called Mps Ripartiamo (Mps Let’s start again), also looks to the future. To help facilitate the resumption of business operations against a scenario of reduced working capital, the bank is offering medium and long-term financing - both unsecured loans and mortgage loans – with disbursements in tranches to be provided during the first year depending on the needs of the companies. To simplify the loan application and approval process, the Trade Associations will be as widely involved as possible and all measures will follow a preferential channel in order to minimise response times.
MEASURES ALREADY AVAILABLE TO HOUSEHOLDS AND BUSINESSES – With this package, the bank is expanding the measures already in place to support Italian households and business affected by the COVID-19 emergency in the last few weeks, including the legislative measures contained in the recently-issued decree. More specifically:
- The bank has given households that do not qualify for the benefits provided for in the Decree of 17 March pursuant to the Gasparrini Law the possibility to request the suspension of their mortgage repayments.
- Employees entitled to the temporary unemployment support fund Cassa Integrazione Guadagni Straordinaria (CIGS) or on an exceptional basis can receive the sums in advance;
- The allowance in lieu has been doubled in the case of hospitalisation due to Coronavirus for customers owning AXA-MPS Formula Benessere products;
- Possibility to grant low-interest loans to households residing within the “red zones” and to businesses having their registered/operational headquarters within the same red zones;
- The dedicated page on the bank’s website is constantly updated with information for customers regarding the branches and opening hours as well as the services and initiatives available (https://www.mps.it/comunicazioni-alla-clientela/emergenza-coronavirus.html).
BMPS is monitoring the development of the situation nationwide and will continue to take the most appropriate measures to protect its customers and staff while ensuring the best possible service at this difficult time.
Our ATMs, APPs, Digital Banking services and websites www.mps.it and www.gruppomps.it can always be used for electronic transactions. Customers may also contact our staff using the toll-free number 800 41 41 41 from Italy or +39 0577 382999 if calling from abroad.